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for wars in iraq and afghanistan. >> reporter: without finding some common ground the u.s. will default which will shake up the financial markets. >> nasty consequence, not just for the united states, but for the entire global economy. because the u.s. is such a big player. >> reporter: the white house says making a deal by the end of the week is crucial in order to meet that august 2nd deadline. now, should the nation reach that debt ceiling, the consequences could be devastating. it -- the brunt being felt by everything from businesses, wall street, financial markets would feel that, so would we, right down to individual households, all interest rates would go up, so it really would result in any sector of the economy. not anyone is talking about that being an actual outcome, that's the good news. >> let me ask you about that, all we hear publicly is how they are not compromising, are you hearing anything privately there is a sense of compromise down the road. >> we're sensing there is a true determination to come to an agreement on this deal because there is no alternative. no, these
social security checks and veterans benefits. soldiers on the frontline in afghanistan asked the chairman of the joint chief of staffs if they will get their checks if the government defaults. president obama talked with mitch mcconnell and met with all sides to try to beat the clock and strike the deal. >> jessica, we heard earlier on they needed about a week after the deal was passed so they could get it to the president's desk for signature. if they get a deal in the next day or on monday, do they still have time to get this signed and so we avoid this default? >> well, there certainly are still procedural things that would have to happen before they do so but at this point every person i've talk to says if they have a deal in hand they will make it happen. no one here in washington wants to see the nation default on its debt, ann. >> we are talking about talks at the white house. we have heard about those talks before. what do you know about those? any progress being made? >> reporter: it doesn't appear so. there were about 90 minutes this afternoon at the white house with nancy pelos
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